A $2 million exploit hit Fetch.ai and NuNet, leveraging a security flaw in the FET token converter. The system accepted a single approval without verifying whether approved tokens were actually locked or burned, allowing the attacker to withdraw the bridge’s entire FET balance in one transaction. The attacker extracted 8.72 million FET worth approximately $1.54 million, then received 408.5 million newly minted NTX worth roughly $463,000. The NTX price crashed 95.7%, falling from $0.00130000 to $0.00005559, while trading volume surged 131.6% without enabling recovery. The FET token, less impacted due to no new token creation, experienced a decline of approximately 9% from its peak.
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